Mar 31, 2015
Not Available
Mar 31, 2014
1. Basis of preparation
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect reportable amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the year in
which the results are known/materialized.
The company has ascertained its operating cycle as up to twelve months
for the purpose of current and non-current assets and liabilities.
2. Changes in Accounting Policy
2. Presentation and disclosure of financial statements
Consequent to the notification of Revised Schedule - VI under the
companies act, 1956, the financial statements for the year ended March
31, 2014, are prepared as per the Revised Schedule VI.
3. Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities, at the end of the reporting period. Although these
estimates are based on the management''s best knowledge of current
events and actions, uncertainty about these assumptions and estimates
could result in the outcomes requiring a material adjustment to the
carrying amounts of assets or liabilities in future periods.
4. Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost, less accumulated depreciation
and impairment cost, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use.
5. Investments
Investments which are not readily realizable and intended to be held
for more than one year from the date on which such investments are
made, are classified as non-current investments.
Investments are recorded as cost on the date of purchase, which
includes acquisition charges such as brokerage, stamp duty, taxes etc.
Current investments are stated at lower of cost and net realizable
value.
6. Inventories
Inventories comprising shares are valued at lower of Cost and NRV.
Further the cost is determined on FIFO basis. The cost of shares
represents the purchase price of share which is inclusive of brokerage.
7. Revenue Recognition
Income is recognized from Land Development Works and Sub Contract in
the financial year in which the agreement to sell is executed with the
concerned buyer and recognized net of service tax, and it is probable
that economic benefits will flow to the company and the revenue can be
reliably measured.
In respect of shares sales are recognized on transfer of significant
risk to the buyer on accrual basis which comprises two categories
namely delivery based and non delivery based.
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and applicable interest rate.
Dividend income is recognized in the year in which it is received.
8. Income taxes
MAT credit is recognized as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in Guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the statement of profit and loss
account and shown as MAT Credit Entitlement. The Company reviews the
same at each balance sheet date and writes down the carrying amount of
MAT Credit Entitlement to the extent there is no longer convincing
evidence to the effect that Company will pay normal income tax during
the specified period.
9. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. Earning
considered in ascertaining the company''s earning per share (EPS) is the
net profit for the period after deducting preference dividend and any
attributable tax thereto for the period. The weighted number of equity
shares outstanding during the period and for all periods presented each
adjusted for the events such as bonus shares, other then the conversion
of potential Equity shares that have changed the number of equity
shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
10. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand.
12. Contingent Liabilities and commitments
Contingent liabilities are classified as claims not acknowledged as
debts, guarantees or other money for which the company is contingently
liable as per the provisions of Income Tax Act, 1961.
According to the information given to us, there are following dues to
income tax which have not been deposited on account of any dispute.
Sr. Financial Amount(Rs.) Remarks
No. Year
01. 1994-95 54,73,988 Appeal Pending with ITAT, Ahmedabad
02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmedabad
13. Prior Period Items
Interest for the financial year 2012-2013 of Rs. 223,693/- has been
reversed during the current year and has been debited to the Interest
A/c in the Profit & Loss Statement.
14. Employee benefits
Employee benefits include Salaries and wages to employees, Director''s
Remuneration, Bonus and Staff Welfare Expenses.
15. Deferred Tax
No deferred tax liability has been provided during the year as the
amount is very negligible.
16. Conservation Of Energy, Technology Absorption, And Foreign Exchange
Earnings And Outgo:
Disclosure under section 217(1)(e) of the Companies Act, 1956, read
with the Companies (Disclosure of particulars in the report of the
Board of Directors) Rules, 1988 are as follows:
(i) Conservation of Energy:
Since the Company has not undertaken any business during the year,
hence there is no question of energy conservation.
(ii) Technology Absorption:
No Technology has been developed or imported by way of foreign
collaboration.
Mar 31, 2013
(a) Basis of preparation
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect reportable amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the year in
which the results are known / materialized.
The Company has ascertained its operating cycle as up to twelve months
for the purpose of current and non-current assets and liabilities.
(b) Presentation and disclosure of financial statements
Consequent to the notification of Revised Schedule - VI under the
companies act, 1956, the financial statements for the year ended March
31, 2013, are prepared as per the Revised Schedule VI.
(c) Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities, at the end of the reporting period. Although these
estimates are based on the management''s best knowledge of current
events and actions, uncertainty about these assumptions and estimates
could result in the outcomes requiring a material adjustment to the
carrying amounts of assets or liabilities in future periods.
(d) Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost, less accumulated depreciation
and impairment cost, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use.
There are no fixed assets as on 31.03.2013.
(e) Investments
Investments which are not readily realizable and intended to be held
for more than one year from the date on which such investments are
made, are classified as non-current investments.
Investments are recorded at cost on the date of purchase, which
includes acquisition charges such as brokerage, stamp duty, taxes etc.
Current investments are stated at lower of cost and net realizable
value.
(f) Inventories
Inventories comprising shares are valued at lower of Cost and NRV.
Further the cost is determined on FIFO basis. The cost of shares
represents the purchase price of share which is inclusive of brokerage.
(g) Revenue Recognition
Income is recognized from Land Development Works and Sub Contract in
the financial year in which the agreement to sell is executed with the
concerned buyer and recognized net of service tax, and it is probable
that economic benefits will flow to the Company and the revenue can be
reliably measured.
In respect of shares sales are recognized on transfer of significant
risk to the buyer on accrual basis which comprises two categories
namely delivery based and non delivery based.
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and applicable interest rate.
Dividend income is recognized in the year in which it is received.
(h) Income taxes
MAT credit is recognized as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in Guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the statement of profit and loss
account and shown as MAT Credit Entitlement. The Company reviews the
same at each balance sheet date and writes down the carrying amount of
MAT Credit Entitlement to the extent there is no longer convincing
evidence to the effect that Company will pay normal income tax during
the specified period.
( i ) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. Earning
considered in ascertaining the Company''s earnings per share (EPS) is the
net profit for the period after deducting preference dividend and any
attributable tax thereto for the period. The weighted number of equity
shares outstanding during the period and for all periods presented each
adjusted for the events such as bonus shares, other than the conversion
of potential Equity shares that have changed the number of equity
shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
(= Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand.
(k) Related Party Transactions
Name of the Party: Moongipa Development and Infrastructure Ltd
Outstanding Payable: Rs. 2,96,72,041/-
(I) Contingent Liabilities and commitments
Contingent liabilities are classified as claims not acknowledged as
debts, guarantees or other money for which the Company is contingently
liable as per the provisions of Income Tax Act, 1961.
According to the information given to us, there are following dues to
income tax which have not been deposited on account of any dispute.
Sr.
No. Financial Year Amount (Rs.) Remarks_
01 1994-95_ 54,73,988 Appeal Pending with
ITAT, Ahmedabad
02. 1995-96 8,65,427 Appeal Pending with
ITAT, Ahmedabad
(m) Employee benefits
Employee benefits include Salaries and wages to employees, Director''s
Remuneration, Bonus and Staff Welfare Expenses.
(n) Conservat ion Of Energy, Technology Absorpt ion, And Fore ign
Exchange Earnings And Outgo:
Disclosure under section 217(1)(e) of the Companies Act, 1956, read
with the Companies (Disclosure of particulars in the report of the
Board of Directors) Rules, 1988 are as follows:
(i) Conservation Of Energy:
Since the Company has not undertaken any business during the year,
hence there is no question of energy conservation.
(ii) Technology Absorption:
No Technology has been developed or imported by way of foreign
collaboration.
(iii) Foreign Exchange Earnings And Outgo:
During the year under review, the Company has not incurred any
expenditure in foreign currency nor has earned any foreign exchange
income.
Mar 31, 2012
(a) Basis of preparation
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect reportable amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the year in
which the results are known / materialized.
The company has ascertained its operating cycle as up to twelve months
for the purpose of current and non-current assets and liabilities.
2. Changes in Accounting Policy
Presentation and disclosure of financial statements
(a) The financial statements for the year ended 31 March 2012, had been
prepared as per the then applicable pre-revised schedule VI to the
Companies Act, 1956. Consequent to the notification of Revised Schedule
- VI under the Companies Act, 1956, the financial statements for the
year ended March 31, 2012, are prepared as per the Revised Schedule VI.
The adoption of Revised Schedule VI for previous year figures does not
impact any recognition and measurement principles followed for the
preparation of financial statements.
(b) Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities, at the end of the reporting period. Although these
estimates are based on the management's best knowledge of current
events and actions, uncertainty about these assumptions and estimates
could result in the outcomes requiring a material adjustment to the
carrying amounts of assets or liabilities in future periods.
(c) Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost, less accumulated depreciation
and impairment cost, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use.
No depreciation has been charged during the year as per the provision
of companies Act, 1956 as the asset comprising freehold office
equipment was written off during the year. Subsequently no depreciation
as per Income Tax Act has been accounted for.
(d) Investments
Investments which are not readily realizable and intended to be held
for more than one year from the date on which such investments are
made, are classified as non-current investments.
Investments are recorded as cost on the date of purchase, which
includes acquisition charges such as brokerage, stamp duty, taxes etc.
Current investments are stated at lower of cost and net realisable
value.
(e) Inventories
Inventories comprising shares are valued at lower of Cost and NRV.
Further the cost is determined on FIFO basis. The cost of shares
represents the purchase price of share which is inclusive of brokerage.
(f) Revenue Recognition
Income is recognized from Land Development Works and Sub Contract in
the financial year in which the agreement to sell is executed with the
concerned buyer and recognized net of service tax, and it is probable
that economic benefits will flow to the company and the revenue can be
reliably measured.
In respect of shares sales are recognized on transfer of significant
risk to the buyer on accrual basis which comprises two categories
namely delivery based and non delivery based.
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and applicable interest rate.
Dividend income is recognised in the year in which it is received.
(g) Income taxes
MAT credit is recognized as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in Guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the statement of
profit and loss account and shown as MAT Credit Entitlement. The
Company reviews the same at each balance sheet date and writes down the
carrying amount of MAT Credit Entitlement to the extent there is no
longer convincing evidence to the effect that Company will pay normal
income tax during the specified period.
(h) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. Earning
considered in ascertaining the company's earning per share (EPS) is
the net profit for the period after deducting preference dividend and
any attributable tax thereto for the period. The weighted number of
equity shares outstanding during the period and for all periods
presented each adjusted for the events such as bonus shares, other then
the conversion of potential Equity shares that have changed the number
of equity shares outstanding, without a corresponding change in
resources.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
(i) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand.
G) Related Party Transactions
Name of the Party: Moongipa Development and Infrastructure Ltd
Outstanding Receivable: Rs. 55,14,693/-
(k) Contingent Liabilities and commitments
Contingent liabilities are classified as claims not acknowledged as
debts, guarantees or other money for which the company is contingently
liable as per the provisions of Income Tax Act, 1961.
(I) Employee benefits
Employee benefits include Salaries and wages to employees, Director's
Remuneration, Bonus and Staff Welfare Expenses.
(m) Conservation Of Energy, Technology Absorption, And Foreign Exchange
Earnings And Outgo:
Mar 31, 2011
Basis for preparation of Financial Statements
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted in accounting
principles in India including the mandatory accounting standards issued
by The Institute of Chartered Accountants of India (ICAI) and referred
to in Section 211 (3C) of The Companies Act, 1956 (The Act). The
significant accounting policies are as follows :
REVENUE RECOGNITION
Income and expenditure are recognized on accrual basis and works
contract income is recognized upon completion of work/Contract.
Dividend income is recognized as and when received.
DEPRECIATION
Depreciation on fixed assets is provided on written down value.
LOANS TO COMPANIES/FIRMS
There are no loans given by the Company.
MISCELLANEOUS EXPENDITURE
The company does not have any preliminary expenses.
PROVIDENT FUND
The Company is not covered under The Provident Fund Act.
PRIOR PERIOD ITEMS
Prior period items having material impact on the financial affairs of
the company have been disclosed.
OTHER ACCOUNTING POLICIES
These are consistent with generally accepted accounting policies.
Mar 31, 2010
Basis for preparation of Financial Statements
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted in accounting
principles in India including the mandatory accounting standards issued
by The Institute of Chartered Accountants of India (ICAI) and referred
to in Section 211 (3C) of The Companies Act, 1956 (The Act). The
significant accounting policies are as follows :
REVENUE RECOGNITION
Income and expenditure are recognized on accrual basis in case of works
contract income is recognized upon completion of work/Contract.
Dividend income is recognized as and when received.
EXPENDTURE
Expenses are accounted on accrual basis and provision is made for all
known losses and liabilities.
DEPRECIATION
Depreciation on fixed assets is provided on written down value.
LOANS TO COMPANIES/FIRMS
There are no loans given by the Company.
MISCELLANEOUS EXPENDITURE
The company does not have any preliminary expenses.
PROVIDENT FUND
The Company is not covered under The Provident Fund Act.
PRIOR PERIOD ITEMS
Prior period items having material impact on the financial affairs of
the company have been disclosed.
OTHER ACCOUNTING POLICIES
These are consistent with generally accepted accounting policies.
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